Childcare Payments Act 2014
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Change 1
22 Withdrawals
(1) Where the account-holder makes a withdrawal from a childcare account, the account provider must pay the corresponding top-up amount to HMRC from the childcare account. (2) The “corresponding top-up amount”, in relation to a withdrawal, is R% of the amount of the withdrawal, where R is the percentage for the time being specified in section 1(4). (3) Accordingly, the maximum amount that may be withdrawn from a childcare account at any time is the relevant percentage of the total amount of funds held in the account at that time. (4) The “relevant percentage” is the percentage given by— 100 100 + R × 100 where R is the percentage for the time being specified in section 1(4). (5) A withdrawal may not be made from a childcare account at any time when a top-up payment is payable into the account.
22 Withdrawals
(1) Where the account-holder makes a withdrawal from a childcare account, the account provider must pay the corresponding top-up amount to HMRC from the childcare account. (2) The “corresponding top-up amount”, in relation to a withdrawal, is R% of the amount of the withdrawal, where R is the percentage for the time being specified in section 1(4). (3) Accordingly, the maximum amount that may be withdrawn from a childcare account at any time is the relevant percentage of the total amount of funds held in the account at that time. (4) The “relevant percentage” is the percentage given by— 100 100 + R × 100 where R is the percentage for the time being specified in section 1(4). (5) A withdrawal may not be made from a childcare account at any time when a top-up payment is payable into the account.
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